RUDN Journal of Economics

Editor-in-Chief: Vladimir M. Davydov, Corresponding member of Russian Academy of Sciences (RAS), Professor, Director of the Institute for Latin America of the RAS

Indexation: Russian Index of Science Citation, Google Scholar, Ulrich's Periodicals Directory, WorldCat, East View, Cyberleninka, Dimensions, DOAJ, EBSCOhost, ResearchBib,Lens, Microsoft Academic, Research4Life, JournalTOCs

Open Access: Open Access. Founded in 1993. Publication frequency: quarterly.

Peer-Review: double blind. APC: no article processing charge.

ISSN: 2313-2329  (Print) ISSN: 2408-8986 (Online)

PUBLISHER: Peoples’ Friendship University of Russia (RUDN University)

 

RUDN Journal of Economics is a general-interest economic journal, which publishes papers of theoretical, empirical and practical issues.

The goals of the journal are publication of papers of Russian and foreign authors on topical questions of national and world economic development, as well as building-up of academic economic society, increasing of scientific activity of senior and young researchers from Peoples' Friendship University of Russia (PFUR) and other higher institutions.

The journal aims to publish articles that will serve several goals: to provide economic analysis in the field of macro- and microeconomics and finance; to integrate lessons learned from different regions and countries experience in tackling socio-economic problems; to encourage cross-fertilization of ideas among the fields of economic thinking.

Main subject fields of the journal include:

  • questions of economic theory;
  • economic reforms in Russia and Commonwealth countries;
  • economic integration and globalization;
  • developed and developing countries economy;
  • monetary and financial questions;
  • industrial organization markets
  • questions of management and marketing;
  • interdisciplinary research;
  • methodology of teaching economic subjects;
  • economic reviews and applied research;
  • books’ reviews and oth.

Main audience of the journal – professional economists, high school teachers, post-graduate students, representatives of federal and municipal government bodies as well as business leaders.

RUDN Journal of Economics began publication in 1993; with quarterly issues appearing. 

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Current Issue

Vol 28, No 2 (2020)

Questions of management and marketing
Human factor in the strategy of sustainable leadership of PJSC Gazprom
Baranova N.M., Larin S.N.
Abstract

Gazprom’s human capital (as HDI) is one of the most important resources of the corporation, which ensures its competitive strength in the Russian and international energy market. One of the main goals of PJSC Gazprom is the formation of a highly professional, responsible and cohesive team that effectively develops projects and solves a variety of tasks not only at the corporate level, but the country and the world. Therefore, the assessment of PJSC Gazprom staff readiness for the competition of the corporation in the domestic and external markets is relevant. Modeling the level of development of the enterprise’s human capital, based on the example of Gazprom corporation, according to certain indicators, determining their role in the development and competitiveness of the organization. To conduct the study, the works of scientists were analyzed, official data of the annual reports on the activities of PJSC Gazprom in the field of sustainable development for 2000-2018 were used. In order to assess the readiness of the corporation's human capital to sustainable development of the enterprise, a regression analysis and an econometric study were carried out using the MS Excel and Eviews10 application software packages. As a result of the study, it was found that a positive corporate human capital has a significant impact on competitiveness and an increase in the company’s value and the constructed model for assessing company’s human capital, based on the example of PJSC Gazprom, enables to make a forecast for the near future. Russia has occupied 49 place in the World Ranking (HDI = 0.824) in 2019 in terms of the level of development of the human capital according to the World Bank and has got into a very high level of development. Despite this fact, Russian HDI in World Ranking occupies only 46% against 70% of developed countries. World Bank experts claims, it will take Russia about 100 years to catch up with developed countries on this indicator. Russia does not have that kind of time, so the country has actively joined on every front. Obviously, the human capital of each corporation makes a certain contribution to changing the human capital of the country in one direction or another, and the human capital of PJSC Gazprom is able to significantly increase this indicator.

RUDN Journal of Economics. 2020;28(2):211-224
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Interaction between institutional technologies, wage guarantee schemes and corporate social responsibility in respect of the protection of workers’ benefits in case of company insolvency
Karaleu Y.Y.
Abstract
The objective of this paper is the investigation of relationship and interaction between the companies’ insolvency and modern law regulations, social security systems based primarily on wage guarantee schemes and corporate social responsibility (CSR) practice. Evidence shows that despite the significant impact of the company’s insolvency on the personal and civic fate of the workers, the economic and social output still depends on legal regulations. Thus, differences between bankruptcy or restructuring laws in common and civil law countries in terms of their protection of various debtors’ claims have been analysed. The legal origin is not the only contributing factor to the social well-being and safety of people in case of insolvency. In spite the fact, that, as it was shown by J. Boter et al., consistently with the legal theory, patterns of regulation across countries are shaped largely by their legal structures, which were transplantated to most countries, effective implementation of their nationally developed and wellregulated guarantee schemes helps to eliminate the economic consequences of insolvency. Some examples of such regulations as the second element of the guarantee of workers’ benefits in case of company insolvency were also examined in the article. The assertion of the state of the art of disclosing social responsibility aspects of companies’ insolvency as a case of CSR and the search of answers to the question if the protection of pension and wage benefits in case of corporate insolvency is considered as one of the components of CSR was the third aspect discovered in the article. This aspect may be the basis for further study and practical implementation of disclosure requirements in non-financial reports and combined financial statements.
RUDN Journal of Economics. 2020;28(2):225-238
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Developed and developing countries economy
Analysis of current trends in assessing the country’s potential in international trade (on example of Peru)
Zhilkin O.N., Chavarry Galvez W.P.
Abstract
The article discusses issues of international trade theory and current global economic trends to assess the possibility of developing the foreign economic sector in Latin America as a whole, and in particular, Peru. Using development statistics from the foreign trade sector, and considering global trends in international trade over the past decade, an attempt is made to assess the ability of Latin American countries to meet growing differentiated demand and thus specialize in advantageous sectors, allowing them to integrate into global supply chains by providing resources, goods, and services at primary, secondary, and tertiary market levels. By examining the potential of Latin American countries, there is a real possibility of creating value chains around market niches that exist in global trade and applying them to ensure that Latin American products receive international recognition. In this context, the analysis of the dynamics of trade exchange is taken as a basis for comparing Peru with other countries, since according to the IMF, in recent years, Peru is one of the countries with the highest economic growth forecast in Latin America. Peru has great potential in mining (in Ankash, Arequipa and Junin, among other places), commercial fishing (Ankash, Liberty, Piura and others), agriculture (Piura, Liberty, Ica and others), camelid breeding (vicuña, alpaca, etc., in Puno, Junin, Cuzco) and other activities. In 2018, Peru managed to raise total exports up to $47.7 billion USD (+7.5% from 2017), thus achieving a historic record for Peruvian exports. This growth is explained by noticeable growth in the non-traditional sector, which reached $13.2 billion (+12.6% from 2017). The present study uses the theory of comparative advantage to quantify product competitiveness based on global comparison, which helps indicate how to move towards higher levels of specialization in the production and export structure. To analyze international trade data, we used indicators such as the Balance of Trade and the Balassa Index, which allowed us to determine a list of thirty products, of which twenty (traditional and non-traditional) showed a steady increase in exports, and the other ten, mainly non-traditional, despite being lower in ranking, have greater potential for further growth.
RUDN Journal of Economics. 2020;28(2):239-253
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Prospects of Indian direct investments in Russian economy
Maltseva O.A., Druzhkin E.D.
Abstract

The article examines major trends and prospects regarding the Indian direct investment in the economy of the Russian Federation. The authors comprehensively analyze key factors, the scale, regional and sectoral composition of the Indian direct investment in the Russian economy, scrutinize the evolution of sectoral and regional composition of the Indian FDI, as well as define main challenges and obstacles that investors from India face in Russia and identify medium-term prospects for the Indian capital in the Russian Federation. The research shows that in the current circumstances the significance of the Indian capital in form of direct investment for Russia is substantially growing; its regional presence is steadily increasing; the sectoral diversification of the Indian investment is intensifying. The important indicator in this case is the quality of the Indian capital, its gradually increasing high-technology component. Not only the scale of the Indian direct investment in the Russian economy is changing, but also there is the rise in number of companies investing in Russia. At the same time, if in the early 2000s those companies were mainly large Indian MNCs, nowadays there is an increased interest in Russia among small and medium-sized high-technology enterprises of India that promote innovative development of the Russian regions. Of utmost importance is the fact that the Indian capital is also invested in small-scale industry, promoting upgrade of technological equipment of small and medium-sized enterprises in Russia. These noticeable changes in the Indian capital movement will substantially contribute to enhanced economic cooperation between the two countries.

RUDN Journal of Economics. 2020;28(2):254-272
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USA - China: bad peace is better than a good “trade war”
Ushanov S.A., Reshad S.A.
Abstract

Article is dedicated to the trade and economic links of USA and China. The authors tried to find out key features and characteristics of these cooperation. At the same time the authors tried to analyze the logic and the reasons of the trade war that has been escalated by USA against China. It needs to underline that the unfair trade practice of China’ foreign trade and transfer of technologies led to the American Administration protectionism policy.

RUDN Journal of Economics. 2020;28(2):273-287
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Special aspects of investment cooperation between India and ASEAN countries in the modern period
Galistcheva N.V., Ilicheva Y.A.
Abstract

India examines relations with ASEAN countries as one of the priority vectors of the modern foreign economic strategy “South - South”. The purpose of the article is to analyze one of the most important aspects of Indian economic relations with the countries of Southeast Asia - investment cooperation. The article covers a wide range of analytical methods: statistical analysis, forecasting, comparison, theoretical generalization, statistical data processing, and also abstract-logical analysis (for systematization and generalization of the main areas of investment interaction). The indicators of Indian foreign direct investment to ASEAN, including country-wise distribution, and the association’s foreign direct investment to the republic are analyzed in detail. The authors consider in detail various aspects of intercountry investment interaction. The association is the main focus for Indian investments abroad and a significant investor to the republic, as demonstrated by stable bilateral economic relations. In general, investment cooperation seriously contributes to the development of relations between India and ASEAN.

RUDN Journal of Economics. 2020;28(2):288-299
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Industrial organization markets
Risks and benefits of small hydropower development: Chinese experience and Russian practice
Chernyaev M.V.
Abstract

The inevitable depletion of traditional energy sources attracts a strong interest in the development of renewable energy technologies around the world. Territorial features and abundance of water resources in Russia have a great potential for small hydropower development, but statistics show that there is no high practical interest in this area. A comparative analysis of the features of the Russian and Chinese energy systems indicates the presence of certain problems in the small hydropower industry of Russia connected with the lack of a strategic understanding of the prospects for the development of the industry at the state level. This situation naturally leads to an increase in investment risks. The purpose of the present research is to determine the conditions that can make the construction of small hydropower plants attractive to investors and lead to the formation of the market of the appropriate technological equipment. Official statistics, planning documents, expert publications in the media and scientific magazines, as well as the author's comparisons of the Russian and Chinese small hydropower regulation measures have been used in the process of analyzing the Russian energy development.

RUDN Journal of Economics. 2020;28(2):300-314
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Successes of Denmark and Germany in the field of transfer of its economies from fossil to alternative energy sources
Shuvalova O.V., Stoyanova M.
Abstract

Europe is transforming its energy balance and increasing the use of local renewable energy sources. Russia's economy depends on the export of fossil (non-renewable) energy resources. About half of the country's energy resources are exported, primarily to European countries. A change in the fuel and energy balance of European countries, as the main consumer of Russian energy resources, will affect the Russian economy. Therefore, Russia urgently needs to know the state of alternative energy in Europe. The purpose of this article is to assess the growth rate of the share of innovative alternative energy sources in the energy balance of Germany and Denmark, as leading countries. The background for the implementation of energy policy in the field of alternative energy is different. First of all, these are countries with developed economies. They need a reliable, uninterrupted supply of energy sources. The Danish government was the first among European countries to evaluate the potential of alternative energy and began to develop it. Denmark is the first country in Europe to use wind energy to generate electricity. In 1991, the first offshore wind energy plant in Europe appeared in Denmark. Germany started the construction of wind power parks only in 2008. Nevertheless, today Germany, along with China and the United States, is among the top three world leaders in terms of wind power capacity, and also has become one of the world leaders in terms of the total installed capacity of solar panels. In absolute terms, characterizing the development of alternative energy, Germany is the world leader, in relative terms - Denmark. Germany’s economy is many times larger than Denmark’s. Therefore, Germany cannot rebuild the fuel structure of its economy as fast as Denmark. The Danish leadership has set ambitious goals for the development of alternative energy. In 2050, 100% of the energy supplied to end consumers will be generated from renewable sources. Germany cannot rebuild its economy with this fast pace. In Germany in 2050, the share of renewable energy in final energy consumption will be 60%. Germany, unlike Denmark, initially relied not on the development of alternative energy, but on the development of nuclear energy. However, through consistent energy policies, it has become a world leader in alternative energy use. When Germany began to implement energy policy, it already had a prototype - Denmark. But then, as the study showed, the country chose its own path. And then Germany and Denmark developed alternative energy in different ways. Nowadays the international cooperation has a great importance. Germany and Denmark collaborate in regional and transregional projects in terms of renewable energy sources. “North Sea Wind Power Hub” is a successful example of their work together. The experience of Germany and Denmark has shown that alternative energy development programs do not exist by themselves. The alternative energy development program is only part of several other related programs. Among them are programs on the rejection of the use of nuclear energy (in relation to Germany), measures to increase the energy efficiency of economies, construction of infrastructure, changes in the organizational structure of energy, etc. Nowadays, many countries in the world pursue an energy policy in the field of renewable energy. In 2009, Russia also committed to increase the share of alternative energy sources to 4.5% by 2020. In the implementation of this policy, it is necessary to take into account the experience of Western countries. The difficulties faced by countries in the new energy sector do not allow us to talk about a decrease in their dependence on energy imports.

RUDN Journal of Economics. 2020;28(2):315-333
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ECONOMIC GROWTH AND SOCIO-ECONOMIC DEVELOPMENT
The accessibility of the center of Moscow as a factor of location of housing construction in the Moscow agglomeration
Kurichev N.K., Kuricheva E.K.
Abstract

The aim of the study is to identify patterns of localization of housing construction and structural changes in the Moscow agglomeration under the influence of transport accessibility from new housing. The research method is based on the monitoring of multistory housing projects. The transport accessibility was analyzed with the help of Google Maps service, which allows to determine the travel time by car and public transport from housing projects to the center of Moscow. The key factor determining the location of housing projects is a compromise between the transport accessibility of the Moscow labor market, which is largely concentrated in the center of the capital, and the cost of housing. The urge to minimize the travel time causes structural changes in different zones of agglomeration. The reorganization of the former industrial ring along the Third Ring Road is stimulated by the good transport accessibility of the city center. Travel time by car does not exceed 0.5 hours for 77% of residents of new buildings in this zone. In the 10 km zone outside the Moscow Ring Road, the travel time to the center by car does not exceed 1 hour for 94% of the residents of new buildings. The combination of acceptable travel time to the center of the capital and inexpensive housing costs leads to the development of inter-highway intervals. Travel time to the center by public transport does not exceed 1.5 hours for 38% of residents at a distance of 10-30 km from the Moscow Ring Road. The need to ensure for residents the accessibility of the center leads to the strengthening of the axes of settlements along the main transport corridors. On the periphery of the agglomeration, the increase in travel time (more than 2 hours) leads to the orientation of residents mainly to the local labor markets.

RUDN Journal of Economics. 2020;28(2):334-346
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Peculiarities of representation on the maps of indicators of socioeconomic development of the Arctic territories
Trifonova P.S.
Abstract

The article is devoted to the visualization features on the maps of indicators of the socio-economic development of the Arctic territories. In recent years, issues of the development of the Arctic territories of the Russian Federation have been one of the priority directions for the development of the state. That explains the relevance of research in this area. It is proposed to use modern geographical information systems as a method of displaying socio-economic indicators in space. This choice led to the availability of a large array of data necessary for analyzing the opportunities and priorities of the socio-economic development of the Arctic territories. As an example, an indicator is considered - the payroll of all employees of organizations. According to the presented results, we can conclude that there is a strong differentiation of the Arctic territories by the level of financial security.

RUDN Journal of Economics. 2020;28(2):347-356
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The role of foreign direct investment in economic growth of Nigeria
Madojemu M.
Abstract
The paper investigates the relevance of foreign direct investment (FDI) as a factor inhibiting economic growth in Nigeria. This paper inspects the sectorial influence of FDI in manufacturing, mining, oil and the telecommunications sectors on economic growth in Nigeria based on theoretical framework founded on the standard growth accounting theory, detailed analysis of the sectorial FDI over the period 1981 and 2017 was carried out. Various econometric methods are employed, such as the ADF test, Dickey and Fuller test (1979), PP test (Phillips and Perron, 1988) are used for the unit root test, and the Shahbaz and Rahman (2010) method is used for the long-run relationship between the foreign direct investment and economic growth. The paper also adapted the framework provided by M.B. Obwona (2004). The paper formalizes a mechanism of recommendations to allow for the influence of foreign direct investment in the transmission of socio-economic growth generated in Nigeria. In conclusion, government should provide an enabling environment that will encourage foreign investors to invest in Nigeria economy by addressing the security challenges in the country, understanding that investment friendly environment will improved regulatory framework as well as encourage domestic investment.
RUDN Journal of Economics. 2020;28(2):357-366
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GLOBALIZATION AND ECONOMIC INTEGRATION
Foreign trade of Georgia in the context of the development of integration processes
Shiolashvili G.
Abstract

The article researches the development of foreign trade in goods of Georgia in the context of the country's participation in international integration processes from the mid-1990s to the present. The evolution and features of Georgia’s participation in such integration organizations and projects as the Commonwealth of Independent States, GUAM, the Eastern Partnership of European Union, as well as interaction with the countries of the Eurasian Economic Union are examined. Based on a detailed analysis of the dynamics, commodity and geographical structure of Georgia’s foreign trade in goods in the long term period, the article substantiates the conclusion that the participation of Georgia in the Free Trade Agreements, as well as trade liberalization carried out in integration blocks, have practically no effect to change the exportimport flows of the country, and do not lead to an increase in foreign trade with the member countries of the integrations. The most significant factors that determine Georgia’s foreign trade and it’s trends are the country's geographical location and the level of the transport infrastructure development, the implementation of large-scale transport and logistics projects in the region, external financing provided to the country by international and regional organizations, foreign countries, on a credit and grant basis.

RUDN Journal of Economics. 2020;28(2):367-384
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Economic reviews and applied research
Analysis of dividend payments practice of Russian joint stock companies with state participation
Chigrinskaya A.P.
Abstract

The different indicators that can be used by individual investors considering stocks are analyzed in the article. The joint stock companies with state participation are studied. The dividend payments practice of seven companies are reviewed. The need for an integrated approach with a primary focus on relative indicators is clearly demonstrated. It is concluded that news of record amounts of dividend payments should not always be taken as a convincing signal for stock investments. Special attention is paid to nuances that should be taken into account to maximize profit.

RUDN Journal of Economics. 2020;28(2):385-401
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Regulatory framework for attracting foreign investment in Venezuela’s oil and gas sector
Chadaeva E.A.
Abstract

The article analyzes the impact of the regulatory framework in the oil and gas sector of Venezuela. There are several factors affecting the volume and price of petroleum products in the world: investments in exploration and production of resources, the volume and depletion of reserves; political and economic crises in oil-producing countries; the creation of new technologies and much more, including state regulation of the oil and gas industry. Sometimes there are circumstances, the consequences of which are not thought. For example, Latin America has changed markedly since it began to use oil as a political tool. But, by the beginning of 2016, prices are falling: production volumes are high, and consumption is declining. There are several reasons: the decline in growth in developing countries; slow recovery of European countries after the European economic crisis; an increase in energy efficiency. To understand these changes in oil activities, it is necessary to examine the national and international legal framework. The regulatory framework in Latin America differs significantly from the American framework (the starting point is the type of subsoil ownership, i.e. in South America, subsoil is owned by the state by colonial heritage, and in the United States by private individuals). Thus, the subject of the study is the legal framework of Venezuela, a country with its own historical features, peculiar views on national security and ideological views on the role of the state. Venezuela will be considered, as the country is one of the major producing countries in Latin America; oil is the main element of the economy; a large number of regulatory models have been tested. The evolution of its activities is an excellent example of different approaches to the management of the oil industry.

RUDN Journal of Economics. 2020;28(2):402-413
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